Starting a business can be one of the most exciting and nerve-wracking occasions of your life. While no exact formula for success exists, you can take a few steps to improve the odds of your business survival.

With launching a new company comes the need to make many decisions. Among them: choosing a business structure. The type you select for your startup affects far more than whether or not your company’s name includes something like “LLC” or “Inc.” at the end of it.